1.  Writing is a business.  Never forget it—if you want to get paid.  And you get paid for your writing, so WRITE! 2.  The old adage is true:  If you fail to plan, you plan to fail.  You are sculpting your writing career.  What do you want?  What do you REALLY want?  Now go for it—it’s your writing and your career.  No one else’s. 3.  Successful writers get things accomplished. They don’t just do “busy body” work—checking Facebook, playing Mahjong, “researching” and ordering books off Amazon.com all day long.    At the end of the day, what do you have to show for your efforts?  If you’re not happy with the answer to that question, you know what to do—stay off the internet; quit playing computer games, forget Amazon.com exists during your writing time; and face your book instead of Facebook! 4.  You’ve got to have goals.  Goals that work, that see you through to success.  Write … [Read more...]

7 Things to Know When Setting Up Your Writing Business Is this a business or a hobby?  If you are a business, you will not only focus on creating fantastic books, but making money, too.  A business makes money.  A hobby may or may not make money—the focus of a hobby is the joy of the experience.  It is imperative that an author know into which category he/she falls. Have a separate bank account for your writing business.  Trust me, it will save you countless headaches at tax time!  All business expenditures will be written of this account and all business income will be deposited in this account.  This is account is a picture, at any given time, of how well or badly your writing business is doing. Create a business plan.  Not one of those long, drawn out 50 page documents (unless you just love doing that kind of plan), but something simple that reflects what you want from your … [Read more...]

Tax audits don’t have to be the harbingers of IRS doom! So before you try to hide all your assets in an off shore account, exhale and read on.  By practicing a few easy and practical steps, tax time, and yes, even an audit, can become nothing more than business as usual.  By practicing prevention, you won’t need a cure Keep accurate records.  A monthly folder with all your business receipts filed appropriately can save you a migraine at the end of the year!  Keep a sheet of paper with categories on it such as postage, meals, gas, conference fees, etc., and write the amount of the monthly expenses in the correct category.  Total the individual categories at the end of each month.  Then, total the individual monthly category totals at the end of the year and voila!  You’ve got your monthly and yearly expenses completed. Declare all income.  You edited Sally Jane’s manuscript for $50 … [Read more...]

Contracts are legal documentation of your agreement with another person, organization or entity.  In this case, we’re discussing your contract with your publishing house.  There are so many things to know (even if you have an agent you need to know your business and that includes contracts) about contracts that I’m just going to list the most important ones and leave you to do your homework on the rest. Is the author being paid an advance?  Don’t laugh.  You’d be surprised at how many writers get so excited about the contract offer that they miss this and don’t even wonder about it until weeks down the road when they think they should have already have received a check.  Know whether you’re getting an advance against royalties or just royalties.  Also know the payout structure of the advance and/or royalties.  It can make a big difference in how you plan your finances. What rights … [Read more...]